A Transfer of Power Begins in China

Military delegates arrived for the 18th Communist Party Congress at the Great Hall of the People in Beijing on Thursday. The weeklong meeting precedes the naming of China’s top leader, who will replace Hu Jintao. The meeting also introduces a new generation of party leaders.

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Social media shakes up solitary online FX trading

LONDON (Reuters) – The solitary world of online foreign exchange trading is emerging from the shadows as solo investors turn to specialist social media networks to link up with their peers and seek market-beating strategies.

Individual or retail trading, estimated at 8-10 percent of the $ 2.5 trillion daily spot FX market, used to conjure an image of a lone trader with little contact with the outside world.

But that is changing. Thanks to specially tailored websites known as social trading networks, users are able to see and even copy the trades of top-ranked rivals, swap ideas and gauge the market mood in online chat with a community of contacts.

“In the world of trading there are a lot of signals but social media gives us the market sentiment and it is ideal for chatting to people across the world for trade ideas,” said Patrick Orini, who has been trading FX online since 2004.

Retail forex traders make their deals using personal accounts through brokers such as Alpari, FxPro and IronFX. Increasingly, traders are hooking up their broker accounts with social trading networks, such as eToro, Currensee and Tradeo.

Traders usually pay a subscription to use the service while the social network and the broker might share revenue on trades.

In a system reminiscent of microblog network Twitter, top players who make their trades visible can gather thousands of followers, some of whom pay to copy their strategies.

Orini’s trading account on a social trading network called Tradeo has 500 followers, of whom around 20 copy his trades.

If online investors do well in their trades, they will attract more followers and will be ranked higher on the trader “leaderboard” posted on the site.

Retail FX has grown over the last decade as brokers allow individual traders to take highly leveraged positions previously accessible only to institutional investors. The largest group of market players is based in Japan.

eToro, one the world’s largest social trading platforms has processed more than 20 million trades since it went live at the beginning of 2012.

Tradeo, a social network for forex traders based in Tel Aviv, launched three months ago and, according to its co-founder and CEO Jonathan Adest, the site has posted up to half a billion dollars of trades from around 10,000 traders since then.

“It’s not a broker, but a network for brokers — a bit like an online trading room,” Adest said.

He said Tradeo also combats a key hazard of online trading — inaccurate or bogus information. Traders often swap ideas on comment boards, but anonymity and low security makes it difficult to weed out spam.

“The idea of creating a niche social network for forex traders is to help verify commentators usually found in chat rooms and comment boards,” Adest said.

In its increased use of social media, online forex trading is catching up with developments in the equities market.

Retail equities trading is estimated to account for up to half of trade in UK small companies. Retail FX’s smaller share of the overall market reflects the fact that most trade is over-the-counter and lack of volatility that make it harder to turn a profit.

TWITTER

In the equities market, analysis of Twitter postings and news headlines has been used to predict stock price movements.

London-based hedge fund firm Derwent Capital is launching a new spread betting application for retail traders in January that will use Twitter’s 350 million daily tweets to create a sentiment indicator covering currency pairs and other assets.

Social media makes existing currency market sentiment models more effective, said John Hardy, head of FX strategy at Saxo Bank.

“It would be a new way to measure “sentiment” in real time, something that banks can do already via how people are actually trading…but the Twitter measures might be able to bring new nuances and sophistication,” he said.

Arguably, solo traders who hook up to social trading networks are seeking an edge in the “wisdom of crowds”.

“The reason why so many people, like myself, do share their activity and ideas is to help each other and build the community,” Orini said. “I got so many valuable ideas from other traders, that I’m more than happy to share my ideas as well.”

(Editing by Nigel Stephenson)

Internet News Headlines – Yahoo! News

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Steelers, WR Sanders fined for faking injury

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Sanofi Halves Price of Drug After Sloan-Kettering Balks at Paying It

In an unusual move, a big drug company said on Thursday that it would effectively cut in half the price of a new cancer drug after a leading cancer center said it would not use the drug because it was too expensive.

The move — announced by Sanofi for the colon cancer drug Zaltrap — could be a sign of resistance to the unfettered increase in the prices of cancer drugs, some of which cost more than $100,000 a year and increase survival by a few months at best.

Zaltrap came to market in August at a price of about $11,000 a month. Soon after, Memorial Sloan-Kettering Cancer Center in New York decided not to use the drug, saying it was twice as expensive but no more effective than a similar medicine, Avastin from Genentech. Both drugs improved median survival by 1.4 months, doctors there said.

Three doctors at Sloan-Kettering publicized the cancer center’s decision last month in an Op-Ed article in The New York Times.

“Ignoring the cost of care is no longer tenable,” they wrote. ”Soaring spending has presented the medical community with a new obligation. When choosing treatments for patients, we have to consider the financial strains they may cause alongside the benefits they may deliver.”

Sanofi executives argued that the price they had set was very similar to that of Avastin. “The intent was not to charge a premium,” Christopher A. Viehbacher, the chief executive of Sanofi, said in an interview last month.

Sloan-Kettering, he said, was basing its price comparison on a dose of Avastin that was half the dose Sanofi used in its own comparison.

On Thursday, Sanofi backed down. “We believe that Zaltrap is priced competitively as used in real-world situations,” it said in a statement. “However, we recognize that there was some market resistance to the perceived relative price of Zaltrap in the U.S. — especially in light of low awareness of Zaltrap in the U.S. market. As such, we are taking immediate action across the U.S. oncology community to reduce the net cost of Zaltrap.”

The move was first reported on Thursday by The Cancer Letter, a newsletter about cancer issues.

Sanofi said it would not change the official price for Zaltrap but would offer discounts of about 50 percent. Zaltrap, which is given intravenously, is not bought directly by patients but is sold to doctors or hospitals, which administer it. The cost is then reimbursed by Medicare or private insurers. Patients could be liable for a co-payment.

Dr. Leonard B. Saltz, chief of gastrointestinal oncology at Sloan-Kettering and one of the authors of the Op-Ed article, said Sanofi’s offer of discounts “doesn’t really address the problem from our perspective” because Medicare reimbursement and patient co-payments would still be based on the higher list price, at least for several more months.

Also, he said, the discounts could give doctors and hospitals an incentive to use Zaltrap because they could profit from the difference between the discounted price they pay for the drug and the higher price at which they are reimbursed by insurers.

Dr. Saltz said even at the lower price, he did not foresee Sloan-Kettering doctors using Zaltrap because it was no better than Avastin and might be more toxic.

Dr. Saltz is now a consultant to Genentech and has been one to Sanofi.

Zaltrap, developed by Sanofi and Regeneron Pharmaceuticals, a biotechnology company in Tarrytown, N.Y., was approved by the Food and Drug Administration in August for use as a second-line treatment for colorectal cancer, meaning after an initial regimen had stopped working. Like Avastin, Zaltrap impedes the formation of blood vessels that nourish cancer cells.

Dr. Peter B. Bach, director of the Center for Health Policy and Outcomes at Sloan-Kettering and one of the authors of the Op-Ed piece, said the price of Zaltrap reflected a bigger problem — that over all there was little relation between drug prices and the value they provided.

“Normal markets wouldn’t behave like this,” he said on Thursday. “You couldn’t introduce something twice as expensive and no better and still sell it.”

Dr. Lee Newcomer, senior vice president for oncology at UnitedHealthcare, said it was the first time he could recall a company cutting the price of a cancer drug so much. “It was the first time physicians have stood up and said, “Enough is enough,’ ” he said. “And I think that was a watershed moment.”

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Your Money: After the Storm: Managing Your Homeowner’s Claim

Tom Mihalek/Reuters

Mark Baronowski shoveled sand from the living room of a beach front property in Bay Head, N.J., last week. Many victims of Hurricane Sandy are novices when it comes to catastrophic insurance claims.

There is a sort of honeymoon period that occurs after a big storm like Hurricane Sandy, when insurance executives appear on the local news offering reassuring words. Their brightly painted vans pull into residential neighborhoods amid the standing water and debris. Everyone is hopeful. Handshakes and back-patting all around.

That period is about to end. Prices for roofers and construction materials will rise, disadvantageous parsing of policy language will commence and gangs of class-action lawyers will round up aggrieved clients who still have months of homelessness ahead of them. Many claims will take years to settle.

It happens every time, and so it will with this storm. That’s not to say that a majority of people with insurance claims won’t be satisfied with the check they receive or won’t get one quickly.

But when this many people have extensive damage to their most significant asset, billions of dollars are at stake for the companies that have the power to make them whole. So there is no reason for policyholders to be anything but wary until their own big check clears.

Many victims of Hurricane Sandy are novices when it comes to catastrophic insurance claims. So to see what sort of resistance they should expect shortly, I turned to the lawyers and adjusters-for-hire who do nothing but negotiate with insurance companies all day long. Some of them used to work for the companies, in fact.

Here are the things they warn people to watch out for:

THAT INDEPENDENT ADJUSTER Many people with damaged homes have started to meet with representatives who assessed their damaged homes to estimate repair costs. They may have introduced themselves as “independent adjusters,” but this is a misnomer. They represent the insurance company and are not neutral.

In storms like this, large numbers of these freelance claims adjusters parachute in from out of town. In the industry, they are known as storm troopers. They work 18-hour days for a while since no insurance company has enough of its own full-time staff to deploy after a storm like this one. Often, they make enough money not to work for months afterward.

“These guys have a lot of work to do, and it’s a thankless job,” said Matthew Tennenbaum, who used to be an independent adjuster but switched sides and now works for policyholders as a “public” adjuster in Cherry Hill, N.J.

Mr. Tennenbaum worries about the storm troopers’ thoroughness. “They’re going to see 10 properties a day and they’re quickly writing estimates,” he said. “If they spend an extra three or four hours properly writing one estimate, they could have written three more and made more money.”

Though many of them are former builders or contractors, they may not, if time is of the essence, always pull up every floor, explore every inch of the attic or look behind every wall. And they may not know much about your insurance company’s policy.

“The insurance companies hand them a manual, and they may not really understand the manual,” said J. Robert Hunter, the director of insurance for the Consumer Federation of America, who has worked for insurance companies and once ran the federal flood insurance program.  “It’s a crash course at that point.”

  The good news here is that these are not the people who make the final call on your claim. But many policyholders assume that their word is the final word.

WIND VERSUS FLOOD Back at headquarters, other adjusters have their eye on an exclusion that will be crucial for this storm, with its horrific storm surges but relatively mild winds: homeowner’s insurance generally does not cover floods.

Unfortunately, many people do not know this and many more have not purchased or renewed policies with the federal flood insurance program that covers up to $250,000 of flood damage. Researchers from the Wharton Risk Management and Decision Processes Center, working with colleagues at Florida State, the University of Miami and Columbia University, surveyed people in the storm’s path by telephone three days before it hit.

Among people within a block of a body of water, 46 percent had no flood insurance. In areas that had been evacuated in past storms or where the authorities advised people to leave, 58 percent did not have it. Moreover, 39 percent of all the people who thought they did have flood coverage mistakenly believed that their homeowner’s insurance covered it.

People without coverage but lots of damage from the storm surge might do one of a couple of things. A few stubborn ones will sue, arguing that if the wind drove the surge then it’s not really a flood. Judges haven’t taken kindly to this line of reasoning over the years, but that probably won’t keep people from trying again. The Federal Emergency Management Agency may also offer some assistance.

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Preparing to Step Aside in China, Hu Jintao Warns of Challenges

Changing of the Guard in China:
The New York Times’s Beijing correspondents discuss the challenges ahead for China as the country begins its once-in-a-decade leadership transition.

BEIJING — Capping 10 careful years at the helm of the Communist Party, China’s top leader, Hu Jintao, on Thursday boasted of successes during his tenure while issuing a blunt warning against unrest and political reform.

Mr. Hu, 69, is to step down as the party’s general secretary next week, handing over power to his designated successor, Xi Jinping. His speech at the opening here in Beijing of the Communist Party’s 18th Congress was likely to be his last major address — a chance to write his own eulogy while also setting the course for Mr. Xi.

“He’s worried about how history will view him,” said Qian Gang, who works with the China Media Project of Hong Kong University. “On the whole, he is against reform.”

Formally, Mr. Hu nodded to almost every manner of reform: economic, social, political and environmental. But, in the fashion of his predecessors, this was balanced with warnings of the need to guard against a rise in unrest. It was an unusual admission for a man whose signature slogan is creating for China a “harmonious society.”

“Social contradictions have clearly increased,” said the formal 64-page document issued at the congress. (Mr. Hu’s speech, even at 100 minutes, was only a summary.)

“There are many problems concerning the public’s immediate interests in education, employment, social security, health care, housing, the environment, food and drug safety, workplace safety, public security and law enforcement.”

The solution, Mr. Hu said, was “reform and opening up,” a policy initiated by the man who chose him for the job nearly two decades ago, the paramount leader Deng Xiaoping.

Mr. Hu also lauded his own contribution to Communist Party ideology: “Scientific Development.” Most of his predecessors have had their own ideologies enshrined as guiding state doctrines. His repetition of the phrase — which means that the party should be pragmatic and follow policies that are demonstrably effective — implied that he, too, would be so honored.

But his caveats to reform were many.

According to Mr. Qian, a leading expert on textual analysis of Chinese leaders’ speeches, Mr. Hu’s speech hit on almost every anti-reform phrase used by Chinese Communist leaders.

He referred to Communist China’s founder three times with the phrase “Mao Zedong Thought,” and said the party must “resolutely not follow Western political systems,” something not mentioned at the last party congress five years ago.

“They don’t say these terms lightly,” Mr. Qian said. “When they mention it, it matters.”

Mr. Hu also coined a new term, pledging that the party will not to follow the “wicked way” of changing the party’s course.

Mr. Hu’s speech is thought to have been drawn up in cooperation with his successor, Mr. Xi. While Mr. Xi is widely thought to be consulting with liberal members of China’s intelligentsia, he either did not oppose Mr. Hu’s direction or was not able to change it.

That is important, observers say, because Mr. Xi will not exercise unrestrained power when he takes over. Besides the other half-dozen members on the Standing Committee of the party’s Politburo, he will also have to listen to the advice of Mr. Hu, Mr. Hu’s own predecessor, Jiang Zemin, and an estimated 20 other “senior leaders.” As if to emphasize their role, these men were seated on the dais next to Mr. Hu. Many of them are in their 70s and 80s and have exercised power for decades.

“Xi Jinping certainly won’t be a Gorbachev,” said Yao Jianfu, a former official and researcher who closely follows Chinese politics and advocates democratic change. “Every aspect of reform has an important precondition — that the Communist Party remains in charge.”

Even though Mr. Hu’s speech was broadcast live on national television and on screens in Beijing subway cars, gauging popular opinion was difficult.

Microbloggers, who are mostly urban and fairly well educated, at times cast scorn on the rhetoric. One blogger listed the Marxist terminology that Mr. Hu used and wrote simply “madness.” Others used laughing emoticons, while some delved closely into the speech for clues to new policies — some noted his fleeting mention of China’s unpopular single-child policy.

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Exclusive: Google Ventures beefs up fund size to $300 million a year

SAN FRANCISCO (Reuters) - Google will increase the cash it allocates to its venture-capital arm to up to $300 million a year from $200 million, catapulting Google Ventures into the top echelon of corporate venture-capital funds.

Access to that sizeable checkbook means Google Ventures will be able to invest in more later-stage financing rounds, which tend to be in the tens of millions of dollars or more per investor.

It puts the firm on the same footing as more established corporate venture funds such as Intel's Intel Capital, which typically invests $300-$500 million a year.

"It puts a lot more wood behind the arrow if we need it," said Bill Maris, managing partner of Google Ventures.

Part of the rationale behind the increase is that Google Ventures is a relatively young firm, founded in 2009. Some of the companies it backed two or three years ago are now at later stages, potentially requiring larger cash infusions to grow further.

Google Ventures has taken an eclectic approach, investing in a broad spectrum of companies ranging from medicine to clean power to coupon companies.

Every year, it typically funds 40-50 "seed-stage" deals where it invests $250,000 or less in a company, and perhaps around 15 deals where it invests up to $10 million, Maris said. It aims to complete one or two deals annually in the $20-$50 million range, Maris said.

LACKING SUPERSTARS

Some of its investments include Nest, a smart-thermostat company; Foundation Medicine, which applies genomic analysis to cancer care; Relay Rides, a carsharing service; and smart-grid company Silver Spring Networks. Last year, its portfolio company HomeAway raised $216 million in an initial public offering.

Still, Google Ventures lacks superstar companies such as microblogging service Twitter or online bulletin-board company Pinterest. The firm's recent hiring of high-profile entrepreneur Kevin Rose as a partner could help attract higher-profile deals.

Soon it could have even more cash to play around with. "Larry has repeatedly asked me: 'What do you think you could do with a billion a year?'" said Maris, referring to Google chief executive Larry Page.

(Editing by Muralikumar Anantharaman)

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NHL, union hold labor talks a 3rd straight day

NEW YORK (AP) — The NHL and the players' association returned to the bargaining table Thursday, the third straight day the sides have met in an effort to end the lockout.

The work stoppage reached its 54th day, and this week is considered critical for the hockey season to be saved. The lockout is threatening to force the second cancellation of an NHL season in seven years.

Even if an agreement is reached soon, it isn't clear if any of this season's games that have been called off through Nov. 30 can be rescheduled. The NHL, however, has said a full 82-game season won't be played.

Owners and players already have bargained for about 13 hours over two days this week at an undisclosed site in New York. Little information about the talks has been disclosed by either side.

Thursday afternoon's discussions marked the fourth time in six days that face-to-face negotiations have taken place after both sides rejected proposals Oct. 18. The lockout, which began Sept. 16 after the collective bargaining agreement expired, has forced the cancellation of 327 regular-season games, including the New Year's Day Winter Classic in Michigan.

A second consecutive day of marathon negotiations took place Wednesday, when the sides spent more than five hours discussing the most contentious issues. Coupled with the more than seven hours they spent negotiating Tuesday, owners and players have been together about 13 hours.

"We do not intend to comment on the substance or subject matter," NHL deputy commissioner Bill Daly said in a statement.

NHLPA executive director Donald Fehr said the parties met to "discuss many of the key issues," but did not elaborate.

Those issues include revenue sharing between teams and the "make-whole" provision, which involves the payment of player contracts that are already in effect. There is still much to be done to work out the differences to reach a deal that will allow the already delayed and shortened season to begin.

Along with a handful of team owners, eight players attended Wednesday's talks, five fewer than Tuesday. Pittsburgh Penguins captain Sidney Crosby and others left New York to try to avoid the impending snowstorm that hit the area, the union said.

In October, the players' association responded to an NHL offer with three of its own, but all of those were quickly dismissed by the league. That led to nearly three weeks without face-to-face discussions, although the parties kept in regular contact by phone.

Both sides have made proposals that included a 50-50 split of hockey-related revenues. The NHL has moved toward the players' side in the "make-whole" provision and whose share of the economic pie that money will come from.

Other core economic issues — mainly the split of hockey-related revenue — along with contract lengths, arbitration and free agency also must be agreed upon.

The union accepted a salary cap in the previous labor pact, which wasn't reached until after the entire 2004-05 season was canceled because of a lockout. The union doesn't want to absorb the majority of concessions this time after the NHL had record revenue that exceeded $3 billion last season.

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Well: The Presidential Health Quiz

Whether it’s George Washington’s teeth or Bill Clinton’s former hamburger habit, Americans have always been fascinated by the health of the president and presidential candidates.

With help from the Web site DoctorZebra, which has compiled an exhaustive list of the medical history of American presidents, we’ve created an Election Day quiz to test your knowledge of presidential fitness and health.

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States Face Tight Health Care Deadlines

After nearly three years of legal and political threats that kept President Obama’s health care law in a constant state of uncertainty, his re-election on Tuesday all but guarantees that the historic legislation will survive.

Now comes another big hurdle: making it work.

States will need to hustle to put in place the various pieces meant to help their residents meet the contentious requirement of having health insurance by Jan. 1, 2014. The federal government is under immense pressure to provide more guidance, while building its own tools to ensure the law’s success.

With Mitt Romney’s vow to “repeal and replace” the law no longer a threat, its supporters are exulting. Bill Foster, a Democrat elected to the House from a suburban Chicago district, summarized the message of the election this way: “For our district and for our country, the debate on Obamacare is over.’

But Mr. Obama and his allies must now step up efforts to promote and explain it to a public that remains sharply divided and confused about it. In exit polls on Tuesday, nearly half of voters said the law should be either partially or fully repealed..

“There is still a tremendous amount of disinformation out there,” said Jeff Goldsmith, a health industry analyst based in Virginia. “If you actually are going to implement this law, people need to know what’s in it – not just the puppies-and-ice-cream parts, but ‘Here are the broader social changes intended and how they can help you.'”

The health care overhaul still faces resistance from many Republican members of Congress, governors and state legislators. In the 11 weeks before Inauguration Day, Mr. Obama faces crucial choices about strategy that could determine the success of the law in the next few years: Will the administration, for example, try to address the concerns of insurers, employers and some consumer groups who worry that the law’s requirements could increase premiums? Or will it insist on the stringent standards favored by liberal policy advocates inside and outside the government?

Much now depends on the states, where lawmakers will decide in the coming weeks and months whether to build online marketplaces known as insurance exchanges, where individuals and small businesses can shop for health plans, and whether to expand their Medicaid programs to reach many more low-income people.

The clock is ticking on the exchange question in particular: states have until Nov. 16 to decide whether they will build their own exchange or let the federal government run one for them.

So far, only about 15 states and the District of Columbia have created the framework for exchanges through legislation or executive orders; three others have committed to running exchanges in partnership with the federal government. A number of Republican governors, including those in Arizona, Idaho, New Jersey, Virginia and Tennessee, had said they would decide after the election, giving themselves only a 10-day window before the deadline.

“I would expect that starting today there are a significant number of fascinating conversations going on behind closed doors in state capitols all over America,” said John McDonough, a professor of public health at Harvard who helped draft the law.

State efforts to carry out the new law will coincide with epic negotiations between Mr. Obama and Congress over federal spending and taxes.

Some observers believe that costly provisions of the health care law, like federal subsidies to help families with incomes up to 400 percent of the poverty level pay their insurance premiums, could be scaled back in the name of deficit reduction.

“We know folks on the Hill are talking about this already,” said David Smith, an analyst at Leavitt Partners, a consulting firm that advises states on the law. “There are a lot of competing factors, but they have to find the savings and we believe health care will be one of the places where they will go.”

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